ACEN Corp., the listed energy platform of conglomerate Ayala Corp., is expected to forge more investment deals abroad in the next few months.
He did not identify these potential deals but said these are with “existing partners, and on our own, I can see projects reaching investment decision.” ACEN has about 4,200 megawatts of attributable capacity from owned facilities in the Philippines, Australia, Vietnam, Indonesia, and India. Its goal is to be the largest listed renewables platform in Southeast Asia, with 20 gigawatts of renewables capacity by 2030.
ACEN, through joint venture company UPC Power Solutions LLC, signed a purchase and sale agreement with GlidePath Power Solutions LLC for the acquisition of a portfolio of 8 operating wind projects totaling 136 MW in northern Texas. ACEN’s net income in the first quarter grew to P2 billion, a fivefold increase from the same period last year. Its revenues rose 23 percent year-on-year to P9.1 billion on higher generation due to better wind resources, as well as the start of commissioning of new power plants in the Philippines and in Australia.